Employee Benefits in Saudi Arabia 2019

"Employee Benefits in Saudi Arabia 2019", report provides in-depth industry analysis, information and insights of the employee benefits in Saudi Arabia, including: overview of the state and compulsory benefits in Saudi Arabia, detailed information about the private benefits in Saudi Arabia, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Saudi Arabia.

The Kingdom of Saudi Arabia has an extensive social security system, which aims to provide every citizen with a decent standard of living in line with Islamic principles. Its small population and high gross domestic product (GDP) allow the Kingdom to provide employed and self-employed residents with help, such as medical care, childcare, pensions and unemployment benefit, as well as, in some cases, housing and disability benefits. Saudi Arabia had previously experimented with its social security system by bringing in foreign workers as the countrys working population mainly consists of expatriates. However, due to their transient nature, the plan was later shelved. The Ministry of Labor provides general supervision, while the General Organization for Social Insurance (GOSI) administers various social welfare programs through district offices.

Key Highlights

- The Saudi Arabian social security system covers both private and public sector employees, while voluntary coverage is provided to individuals who are not qualified for compulsory coverage, self-employed individuals and Saudi expatriates.- Both civil servants and military personnel are covered under the civil pension and military pension schemes respectively. - The Saudi Arabian Nitaqat system was implemented to promote the employment of nationals in the private sector. - Most foreign employees in Saudi Arabia can start a personal pension plan in which they contribute either as a lump sum or through regular savings, due to the countrys high disposable income.

Scope

This report provides a detailed analysis of employee benefits in Saudi Arabia - - It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits- It highlights the economic and regulatory situations relating to employee benefits in Saudi Arabia